Construction is just underway for the 223-unit Woodbury Mews, being developed jointly by International Senior Development Inc. of Fort Washington, PA and the University of Medicine and Dentistry of New Jersey. The latter will provide day-to-day medical direction and programming for residents.
Woodbury Mews is being supported by $27.9 million in low-interest, tax-exempt and taxable bonds issued by the New Jersey Economic Development Authority, underwritten by The GMS Group. The property was purchased through the New Jersey Urban Site Acquisition Program, managed by the New Jersey Redevelopment Authority, in partnership with several other state agencies. The developers also received site remediation funding from the state.
On-site, the former Forway Industries building, circa 1876, will be converted and enlarged into Four Woodbury Mews, featuring 130 independent-living units slated for completion by the middle of next year. A second phase of 93 units will be ready by late summer, 2002. The developers are currently seeking funding for a medical office building and a wellness center, and anticipate a total build-out of almost 300,000 sf.
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